Telefonica Deutschland Reported Improved 4Q Results, but Weak Guidance; Maintaining FVE for Now
Telefonica Deutschland reported fourth-quarter results that were a touch better than our expectations, but management’s guidance was disappointing. Our thesis assumes significant margin expansion from cost-cutting opportunities created by merging E-Plus’ business into Telefonica’s. Management claims it is on target to reach EUR 900 million in annual cost savings by the end of 2019 and generated an improved adjusted EBITDA margin of 26.2% in the fourth quarter. However, its EBITDA margin was only...
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